Gary

In an interesting turn in the long-lasting regulatory saga between Coinbase and the US Securities and Exchange Commission (SEC), the US securities regulator has formally denied the American exchange’s request for the creation of new rules guiding the use of digital assets. In a swift response, Coinbase has moved to counter this development, filing a petition in court to reverse the SEC’s decision. 
<h2 id="strong-sec-denies-regulations-request-citing-existing-applicability-to-crypto-strong">SEC Denies Regulations Request, Citing Existing Applicability To Crypto</h2> 
On Friday, December 15, the SEC rejected Coinbase’s petition for rulemaking in regard to digital asset regulations. Expressing clear support for this decision, the Commission’s chairman Gary Gensler <a href="https://www.sec.gov/news/press-release/2023-102" target="_blank" rel="noopener nofollow">explained</a> that existing securities law, such as the Howey Test, already applies to cryptocurrencies. 
The SEC chief said: 
<blockquote>
 To the extent that crypto assets are offered and sold in the form of an investment contract and entities intermediate transactions in crypto asset securities, the federal securities laws apply.
</blockquote> 
Furthermore, Gensler also stated that the SEC has already been actively involved in addressing the crypto securities market through rulemaking. In addition, the SEC chair also emphasized the importance of preserving the Commission’s discretion in setting its own rulemaking priorities. 
<h2 id="strong-coinbase-challenges-sec-s-denial-files-petition-for-judicial-review-strong">Coinbase Challenges SEC’s Denial, Files Petition For Judicial Review</h2> 
As earlier stated, Coinbase is now looking to nullify the&nbsp; SEC’s latest decision. In an<a href="https://x.com/iampaulgrewal/status/1735716481541996640?s=20" target="_blank" rel="noopener nofollow"> X post</a> also on December 15, the exchange’s Chief Legal Officer, Paul Grewal, announced the crypto company has challenged the regulator’s denial of its rulemaking request in court. Grewal expressed disappointment with the SEC’s rejection, deeming it “unwarranted” and asserting that Coinbase will <a href="https://bitcoinist.com/court-give-deadline-to-respond-coinbase-allegations/" target="_blank" rel="noopener ">once again</a> seek legal recourse after 18 months of waiting for a response, as the exchange’s initial petition for rulemaking was submitted to the SEC in July 2022.&nbsp; 
The Coinbase legal team has now filed a petition for review in the US Court of Appeals for the Third Circuit, seeking an assessment of whether the SEC’s rejection of its petition for rulemaking was justified. 
In Coinbase’s petition for judicial review, the exchange’s legal team states that the SEC’s formal denial of its request for rulemaking makes explicit what was already evident—the Commission’s opposition to Coinbase’s proposal.&nbsp;The filing argues that the SEC’s action has now paved the way for a much-needed judicial review, removing the obstruction caused by the regulatory body’s prolonged inaction. 
Meanwhile, Coinbase also remains in<a href="https://bitcoinist.com/sec-wants-blood-coinbase-sued-1-day-after-binance/" target="_blank" rel="noopener "> another legal battle</a> with the securities regulator on charges of operating as an unregistered securities exchange, broker, and clearing agency.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/SRlLYUnP/" alt="Coinbase" width="1480" height="893">

Coinbase Responds To SEC Denial Of Regulations Request – Details

목차

Bitcoinist

2023년 12월 16일에 게재된 다른 기사

Bitcoin Spot ETF: Why SEC Boss Gary Gensler Is Taking A ‘New Look’ At Applications

Jupiter tokens to drop in January 2024 for Solana defi users

BRC-20 Tokens Record Remarkable Gains! SATS And ORDI Price To Make Big Profits In 2024?

Bitcoin ETFs Debate: Are In-Kind Transactions Better for Tax Efficiency?

Cubera announces launch of progressive defi staking platform

Ulasan Altcoin ADA, AVAX dan Pullix (PLX) Menjelang Persetujuan Proposal Bitcoin Spot ETF

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!